Overview
-
13011 square feet -
Warehouse -
On Application -
Little Oak Drive -
IP004475122
Property Details
The property comprises a detached hybrid style commercial building with good quality industrial / warehousing at ground floor level and air-conditioned offices above. The ground floor is used by the current occupier for storage and assembly with a separate client facing office reception, meeting suites and open plan office space at first floor level.The property comes with 48 spaces allocated within the car park.
- Single let to Zeppelin Systems UK Limited
- New lease expiring 17th October 2026
- Stepped rent rising to £90,000 p.a.
- Well established commercial location
- Price: £1,060,000
- Net initial yield of 8.02% and a low capital value of £81.50 per ft after assumed purchaser's costs at 5.81%
Floor Area
1,209 sq m (13,011 sq ft)
Viewing Arrangements
By appointment with the sole marketing agents.
Tenure
The property is held on a virtual freehold interest on a 999 year lease granted 25th December 1995 at a peppercorn.
The property is held on an occupational lease by Zeppelin Systems UK Limited on the following terms:
Lease commencement – 18th October 2021
Break Option – 18th October 2024
Repairs – Full Repairing and Insuring
Rent – Stepped Rent rising to £90,000
The stepped rental incentive within the lease will be topped up by the sellers upon completion of the sale.
Zeppelin Systems UK Limited have been in occupation since 2011 and renewed their lease in December 2021 further confirming their commitment
to the property.
A copy of the lease is available from the agents upon request.
Location
Evo Park is located on the established Sherwood Business Park just off J27 of the M1 Motorway to the north of Nottinghamshire. The Park comprises a mixture of office/industrial warehouse buildings given its excellent links to the Motorway and the wider road network. Occupiers on the site include E.ON, Pendragon, Highways England, Dell, Kuene + Nagel among others. The property is situated on a development of detached commercial buildings with occupiers from Evo Park being of a mixture of storage, warehousing, light manufacturing and office uses.